[REPLAY] Garrett Goggin: All Things Gold & Silver Stocks

·59 min·5 clips

Garrett Goggin explains why he felt safer in Bolivian parks than in New York City while visiting silver mines.

Brandon introduces the episode with promotional content for Macro Ops and MIT Investment Management Company. He then welcomes Garrett Goggin, who explains his background in traditional mutual funds and shift to gold and silver investing after business school and earning CFA and CMT certifications. Goggin worked with John Doody at Stansbury Research Gold Stock Analyst for 15 years, traveling worldwide to mines. He recounts visiting countries like Nicaragua and Bolivia, noting they felt safer than parts of the U.S., and discusses the historical silver mountain Cerro Rico in Bolivia. Goggin emphasizes the importance of stepping outside North America to find value, citing examples in Latin America and Morocco. He warns about 'moose pastures'—low-grade deposits hyped cyclically but never economic—and names companies like Levon Resources (now Discovery Silver) and Hycroft Mining. Goggin details how companies distort drill results through grade smearing and silver equivalent calculations, and he stresses the need for high grades (e.g., 250+ grams per ton for silver) to be profitable. He shares Archie's Rule for evaluating deposit economics and highlights success stories like SilverCrest Metals and Newmarket Gold. Goggin advocates for royalty companies, calling them 'inflation protection machines' that have outperformed gold and miners, and explains their business model. He discusses portfolio construction, recommending equal weighting and holding winners, and uses GLD shares outstanding as a market sentiment indicator. Goggin predicts the gold bull market will continue, driven by macroeconomic factors, and shares tools like Twitter for idea generation. The episode concludes with personal reflections and Goggin's website promotion.

As heard by us

A clear look at how ore grade and mine design shape gold and silver stock economics.

Gold and silver stocks come down to mine economics in this episode with Garrett Goggin, who ties together operating costs, tonnage, ore grade, and the revenue a mine can realistically produce.

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Want a sharper feel for how mine grade turns into shareholder value? Press play.

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